Month: November 2017

Saratoga National Bank Opens Branch In Schenectady, Its 10th Location In The Region

November 1, 2017November 2, 2017

Officials of Saratoga National Bank cut a ribbon at the opening of its branch at 251 State St. in Schenectady. The new office is its first in Schenectady County.
©2017 Saratoga Photographer.com

Saratoga National Bank and Trust Co. recently opened its 10th location, a new office in the city of Schenectady.

The branch, which is situated in a newly remodeled suite at 251 State St., offers a full range of financial services that are easily accessible with off-street parking available. It is also the only financial institution on State Street downtown with both a drive-up teller and ATM, bank officials said.

This marks the fourth time in five years that Saratoga National Bank has opened a new location, and it is the bank’s first office in Schenectady County.

Schenectady Mayor Gary McCarthy helped commemorate the opening by attending the ribbon cutting ceremony and state Assemblyman Angelo Santabarbara presented the bank with a Certificate of Merit.

Regal Barbershop In Saratoga Springs Offers Grooming Services In An Upscale Setting

November 1, 2017November 2, 2017

George Jacob, right, Sam Jacob, left, and Francois Jacob provide haircuts and other grooming services at Regal Barbershop at 35 Van Dam St. in Saratoga Springs. ©2017 Saratoga Photographer.com

It’s a family affair at Regal Barbershop in Saratoga Springs, where the Jacob family is busy at work, making their mark in the business of grooming.

The business at 35 Van Dam St. is jointly owned by three brothers—Joseph Jacob, an attorney with an office in Albany, long with George and Sam Jacob, who both are master barbers.

“George and Sam learned the trade at my father’s barbershop back when they were teens, in Aleppo, Syria,” said Joseph Jacob.

He said George, Sam and their families, immigrated to the United States in October of 2014, after the war conflict had started in Syria. Jacob said they settled initially in New Jersey, and both worked in barber shops in Manhattan and Nyack, N.Y. During this time, they had their eye on any possible opportunities in the Spa City.

“We have been searching for a vacant retail shop in Saratoga Springs, for long time, and we finally found the ideal location,” said Jacob.

Parent Co. Of Upstate Transit Of Saratoga Wins Award From International Organization

November 1, 2017November 2, 2017

The International Motorcoach Group (IMG) named Brown Coach of Amsterdam as its 2017 Operator of the Year. IMG unveiled this motorcoach with a collage depicting area travel images.
Courtesy Brown Coach

The International Motorcoach Group (IMG) named Brown Coach of Amsterdam as its 2017 Operator of the Year at the Strategic Alliance and Marketing Meeting’s awards banquet sponsored by Prevost and held at its Nashville, Tenn., service center.

Brown Coach is thee parent company of Upstate Transit of Saratoga LLC.

In December 2005, Upstate Transit of Saratoga was purchased and became part of the Brown family of transportation. Upstate Transit of Saratoga LLC, with over 20 years of tour planning experience, offers chartered bus service, tours and line service in the Capital/Saratoga region.

The award was accepted by Stephen Brown, vice president of Brown Coach, on behalf of his brother Robert, their families, and the team at Brown Coach.

Each year, IMG recognizes one of its own for the honor. The award is based on a criteria of operational excellence, safety performance, best practices, community and motorcoach industry involvement and engagement within IMG.

“Over 17 years ago, we were invited to become a shareholder company of IMG,” said Brown. “Our involvement in the IMG organization has helped Brown Coach achieve many milestones, raise the bar in service excellence, and grow to where we are today. I am truly honored to receive this award.”

Representatives Of High-Tech Firms To Speak At Nov. 16 Prosperity Summit At City Center

November 1, 2017November 2, 2017

A leader of an influential semiconductor trade association will deliver a keynote address at the second annual Saratoga County Prosperity Summit to be held Thursday, Nov. 16 at the Saratoga Springs City Center.

With a theme of “Exploring the Next Wave of Opportunity for Saratoga County,” the event will also feature comments from CEOs of top technology firms with a presence and impact in the region.

Jodi Shelton, co-founder, president and board director of the Global Semiconductor Alliance (GSA) will speak to attendees about the significant impact and importance of the region’s technology sector, led by the continued growth of GlobalFoundries and its Fab 8 advanced manufacturing facility in Malta.

She will also discuss emerging trends in the worldwide semiconductor market, and highlight opportunities for businesses in Tech Valley and across the Northeast to capitalize on the integration of computer chip technology in nearly every industry.

“We are delighted to welcome Jodi Shelton, a recognized and respected leader in the global semiconductor industry,” said Marty Vanags, president of the Saratoga County Prosperity Partnership. “Her perspective will provide vital insight that is perfectly aligned with our focus: ensuring that businesses and the regional economy are well prepared for the next wave of semiconductor-driven economic opportunity and growth.”

Mary Martin & Co. Day Spa Opens Its Third Location At 2 Franklin Square In Saratoga Springs

November 1, 2017November 2, 2017

Brandon Scott, a stylist at Mary Martin Day Spa, works with a client.
Courtesy of CheekySkirt Media

By Maureen Werther

Mary Martin & Co. Day Spa recently opened a third location. The space in Saratoga Springs is located at 2 Franklin Square.

Owner Mary Martin said they have been busy since a grand opening and ribbon-cutting ceremony in August, something she attributed to their reputation for integrity and not “over-selling” to their clients.

Martin is no newcomer to the health, wellness and beauty business. Before she settled in Saratoga and opened her first spa at 85 Washington St. Martin cut her teeth in Manhattan doing professional makeup and skin care. Originally from Whitehall, N,Y,, Martin said she always wanted to live in Saratoga.

She has been in the business for more than 20 years and has developed a loyal and expanding clientele. The newest location, formerly occupied by Xanadu Salon, offers many of the same services provided at 85 Washington St. and the 493 Broadway Hair Salon and Blowout Bar. But Martin has added new services a 2 Franklin Square, including their Halotheraphy Salt Cavern and Norvell Sunless Spray Tan.

Business Report: Educational Assistance Plans

November 1, 2017November 2, 2017

Frank Mayer, a member of Bond Schoeneck & King, deals with tax-related matters. Courtesy Bond Schoeneck & King

By Frank Mayer

Many human resources professionals are struggling to fill open positions these days. At the same time, the tuition cost for individuals who are pursuing undergraduate or graduate degrees is daunting. One solution that may be a “win-win” for employers and employees is an educational assistance plan.

An educational assistance plan involves the employer agreeing to pay on behalf of, or reimburse, the employee for tuition costs when the employee is taking certain qualifying courses. If structured properly, employer-paid educational expenses may be excluded from the gross income of an employee if provided to the employee under an Internal Revenue Code, Section 127 educational assistance plan, commonly referred to as a “127 Plan,” or if the expenses qualify as a working condition fringe benefit to the employee, under Code Section 132.

This type of educational assistance is a much greater benefit to the employee, and a better retention tool, if the employee doesn’t have to pay income tax on the amount of assistance they receive.

Section 127 Plan. A properly drafted 127 Plan provides an exclusion of up to $5,250 annually from an employee’s gross income for the payment by an employer of certain educational expenses incurred by or on behalf of an employee. The amount excluded from the employee’s gross income includes the cost of tuition, fees, books, supplies and certain equipment.

While the excludable coursework does not need to be job related, no exclusion is available for education involving sports, games or hobbies (unless the education involves the business of the employer or is required as part of a degree program). In addition, no exclusion is available for the cost of meals, lodging and transportation or any payment for the cost of tools or supplies that may be retained by the employee after completion of a course. A qualifying 127 Plan must be a separate written plan and must satisfy certain employee nondiscrimination requirements.

Savings Plan Options

November 1, 2017November 2, 2017

Kevin M. Hedley is a partner with Hedley & Co. PLLC. Courtesy Hedley & Co. PPLC

As Congress and the White House debate tax plans, there have been much discussed changes to the traditional 401(k) plan. The proposed plan to adjust the maximum limit for contributions has been tabled but we still have a long way to go before we have a tax plan in place.

That does lead to the questions—What are the limits for various retirement plans and what are some options for a small business owner to save for retirement?

Depending on your immediate and long term goals there are plenty of options. There are defined benefit plans, Defined contribution plans and other retirement savings plans such as SEPS, SIMPLES and IRAs to name a few. All of these plans allow a deduction from current income if a contribution is made according the respective plan terms. The differences between them include the amount of contribution and the costs of administering each plan

Benefits are paid from these plans in most cases at retirement, death, disability, or separation from service. Distributions from plans that do not fall into one of the allowed categories are also subject to penalty ranging from 10 percent to 25 percent.

Under a defined benefit plan, an employer makes annual contributions to the plan to provide each participant with a set benefit at retirement. Contributions to the plan are actuarially determined, and the plan can be integrated with social security. An integrated plan reduces the contribution for the lowest-paid employees and still allows for a significant contribution on behalf of the owner and key executives. Benefits under the plan are fixed using a definite formula. Typically, the formula expresses the benefits in one of the following ways:

With Uncertainty In Congress About Tax Plans, There Are Ways For Businesses To Plan For 2018

November 1, 2017November 2, 2017

Steve Ellwanger, a CPA in Saratoga Springs, offers a range of accounting services.

By Maureen Werther

Between now and the end of the year, financial planners, advisors and CPAs will be busy working with clients to ensure their future financial security and minimize their tax liabilities for the coming year.

However, this year is fraught with more uncertainty than any other time in recent memory, some advisors say.

With tax reform still being negotiated in Washington, D.C., financial professionals will be waiting to see what the coming months will mean for the year ahead.

According to global financial giant, Wolters-Kluwer, year-end strategies will become clearer as the legislation moves forward. For the time being, they advise flexibility and preparedness. In other words, an accountant should be ready to adjust to whatever changes are brought about and they should be ready to execute effective strategies for clients as late as December.

For larger, well-established companies or high-wealth individuals, their team has already been planning for several different scenarios. For smaller and younger companies, there are also basic strategies they can employ to ensure them from unnecessary vulnerability.

Stephanie Mumford, CPA and partner at Teal, Becker and Chiaramonte, said that on some level everyone can benefit from financial and tax planning.

Tips For Wellness In The ‘Golden Years’

November 1, 2017November 2, 2017

Kym Hance, client care services/aging life care manager with Herzog Law Firm. Courtesy Herzog Law Firm

By Kym Hance, CMC

There are a number of myths regarding aging. Some people may mistakenly believe that aging only means getting sick or disabled, while others may think that all adults face memory loss in their later years.

Even more people believe that once you reach a certain age, there is less that you can contribute to society and that you are done learning. All of these beliefs are absolutely false. In fact, many people find that the years following retirement are filled with health, vitality, and meaning.

Since we are all going to get to those golden years eventually, here are a few tips to consider that may help to make that stage of life some of the best years you’ll ever have:

1. Active Mindset. Keeping the brain active and fit is imperative to the health of older adults. Not only does it help stave off memory-loss illnesses like Alzheimer’s and dementia, but it also fosters executive function. Try word games and recall exercises. For example, find 5 red objects during a walk in the neighborhood and recall them when back home. Routines limit brain stimulation so introduce new foods or new ways of eating the same food. For example, replace canned peaches with freshly sliced ones. Also, try taking a different route to the grocery store or shopping center.

2. Balancing Act. In addition to exercises that build strength and improve flexibility and cardiovascular endurance, make sure to add balancing activities to the daily routine. Good balance requires maintaining a center of gravity over the base of support. Tai chi, yoga, walking on challenging surfaces and water exercises all enhance overall balance.

3. Dancing with the Seniors. Older adults getting regular physical exercise are 60 percent less likely to get dementia. Exercise increases oxygen to the brain and releases a protein that strengthens cells and neurons. Dance involves all of the above plus the cerebral activity present in learning and memory.

‘Metabolic Meltdown’ Provides Individually Tailored Workouts In An Open Classroom Setting

November 1, 2017November 2, 2017

Tyler Hammett, assistant manager and trainer at Metabolic Meltdown on Gick Road in Saratoga Springs, assists one of its clients during her workout. ©2017 Saratoga Photographer.com

By Rachel Phillips

Metabolic Meltdown opened a new location at 30 Gick Road in Saratoga Springs, marking its fifth facility in the Capital Region. It boasts over 100 new members.

The space, which used to be Saratoga Health and Fitness, is a 5,000-square-foot facility consisting of the main workout area, locker rooms and a gym.

Metabolic Meltdown was founded by Matt Phelps in 2008 when he was working as a trainer for high school and college athletes. The mothers of his pupils were intrigued by his training regimens, and requested he prepare one for them as well, he said. His business grew quickly, jumping from 90 members 2013 to 2,000 in 2017. He had to expand to new locations across the area, including Clifton Park and Green Island.

The success of Phelps’ business is in large part due to the structure of his program. Unlike other workout facilities, Metabolic Meltdown is neither a gym, nor an exercise class, he said.

Each 45-minute session encompasses six different workout stations. The members exercise at each station for a given period of time before moving on to the next, giving them the opportunity to get a full-body workout that merges strength and cardio training. The exercises are considered metabolic training because they’re geared to alter a person’s metabolism, get the blood flowing and make participants healthier.